The Fed’s missing $2 trillion

Ben Bernanke has gained unprecedented powers over the economy – which is unconstitutional. Power over the money supply is supposed to be in the gift of Congress, not an unaccountable, secretive institution representing its shareholders and its fellow corporate cronies.

Ron Paul, had been campaigning for decades to end the Fed and is making headway with his bill, HR 1207, which seeks greater transparency of the institution. The Fed is becoming increasingly concerned at the popularity of the bill with the electorate and by congressmen of all political flavours.

The latest scandal to hit the Fed was uncovered in a congressional hearing. Elizabeth Coleman, the Director General of the Fed cannot account – or will not account for $2 trillion, doled out by the Fed to the Wall Street banking cartel since the collapse of Bear Stearns. Americans will be paying off the vast (increasing) sum for a generation or more.

There was much controversy over US Treasury Secretary, Geithner’s appointment as he was widely seen as part of machinery which caused the banking failure. Many greased palms and much easing of the way for those implicated in the crisis – Geithner is said to know where the government and corporate bodies are buried.

Geithner has a few of his own skeletons – tax irregularities, for which he has yet paid no penalty.